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Canadian cannabis chain High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) has obtained a $15 million loan to repay existing debts and support its expansion plans, the company announced Thursday morning. The loan will be provided in two parts: $10 million now and $5 million in November 2024. High Tide also has the option to borrow an additional $10 million if needed. The company said in a news release that it believes it can take on more debt to help fund the opening of new Canna Cabana stores across Canada. High Tide currently has a low debt-to-income ratio and is “underleveraged,”…

While it’s often believed that letting cannabis stores open in a neighborhood will drive down property values, a new report from real estate company Tomo says not so fast. Instead, Tomo found that, on average, if a dispensary opens in your area, you’re likely to see an additional $4,400 increase in your property value each year. The firm said in the report that it assessed various factors that cause real estate prices to fluctuate in Colorado, Michigan, and Oregon – states where cannabis is legal and available from storefront merchants, with enough time in-market to identify the pre- and post-legalization…

License renewal fees will jump nearly 70% to $9,000 for all cannabis operators in the state.South Dakota medical marijuana companies will shortly have to fork over a good bit more to the state to renew their business permits. Under the terms of Senate Bill 43, which Gov. Kristi Noem signed into law in March, permit fees will increase to $9,000 from the current level of $5,310, KELOLAND reported. Though that may seem a steep hike, it’s just a third of what was originally proposed by lawmakers, given that the original medical cannabis legalization ballot measure called for the fees to…

News from: Colorado, Blüm, Anson Funds, Massachusetts, and more.The Daily Hit is a recap of the top financial news stories for Wednesday, June 12, 2024. On the Site Colorado has worst April cannabis sales month since 2016 The year-over-year sales decline came despite high hopes for 4/20. Read more here. Blüm wins eviction lawsuit against People’s California Unrivaled has been looking to distance itself from associations with People’s California after lengthy legal struggles. Read more here. Anson Funds to pay $2.25 million for secret short seller relationship Anson Funds had a secret deal with a short selling publisher for negative…

The year-over-year sales decline came despite high hopes for 4/20.Colorado marijuana sales fell by 5% from March to April, the state Department of Revenue reported Wednesday, with dispensaries reporting $120.1 million in sales, down from $126.6 million. It’s the worst April sales performance since 2016 for Colorado cannabis shops, despite the traditional 4/20 sales bump that most marijuana retailers typically experience. The latest total includes $105.5 million in recreational sales along with $14.6 million in medical sales, according to the state tally. Calendar year sales totals are now $476.5 million, with a historical total of $15.9 billion. The new sales…

Atai’s proposal to purchase the company will serve as a stalking horse bid under the Sale and Investment Solicitation Process.IntelGenx Corp. (OTCQB: IGXT) (TSX: IGX) was granted protection under the Companies Creditors Arrangement Act, which is the Canadian version of bankruptcy. The company told investors that on May 27, the court granted an order that approved a sale and investment solicitation process for its assets. The court also approved an agreement of purchase by Atai Life Sciences AG for IntelGenx solely to serve as a “stalking horse” bid under the CCAA’s Sale and Investment Solicitation Process. IntelGenx’s statement noted that…

Massachusetts state lawmakers this week said they’re not likely to deal with intoxicating hemp goods during this year’s legislative session, meaning the issue won’t change, from a legal perspective, at least until lawmakers reconvene in Boston next year. After a hearing this week of the legislature’s Joint Committees on Agriculture and Cannabis Policy, state Rep. Paul Schmid said that a “well-thought-out solution will require continued conversations into the next session and beyond,” the CommonWealth Beacon reported. This year’s legislative session is slated to end on July 31, and next year’s session won’t kick off until January. But it’s near-certain that…

New data from Weedmaps highlighted that New Yorkers tend to spend more than the national average on orders.Despite the rocky start, New York Gov. Kathy Hochul and the state’s Office of Cannabis Management project that total cannabis sales will exceed $200 million in early June. In May alone, sales surged by $4.4 million, reaching a total of $46.2 million. The last week of the month recorded a new weekly sales record of $12.5 million. To date, there are more than 132 dispensaries open for business across the Empire State. At this week’s OCM meeting, the Cannabis Control Board authorized the…

New Yorkers aged 21 and older can now legally cultivate cannabis at home for personal use, according to new regulations released by the state’s Office of Cannabis Management. Under the new rules, individuals can grow up to three mature and three immature cannabis plants at a time, with a maximum of six mature and six immature plants allowed per household. Home cultivation is permitted in residences owned or rented by the grower, including houses, apartments, and other residential spaces. Landlords can only prohibit home cultivation if they risk losing federal benefits, the regulations state. “We continue to prioritize our market’s…

As the licensed New York cannabis market continues to ramp up, it appears that a few of the entrepreneurs taking part have also been trying to take advantage of the successes earned by brands from other states. Case in point: One of the conditional adult use retail dispensary permit winners that was just denied for final licensure by the New York Cannabis Control Board listed its business name as Simply Pure LLC. It’s a solid brand name – and one that was made famous by Colorado cannabis queenpin Wanda James, one of the first and most high-profile Black entrepreneurs in the…